As used in this article, the following terms
shall have the meanings indicated:
INCOME-PRODUCING PROPERTY
Property owned for the purpose of securing an income from
the property itself, but shall not include residential property containing
three or fewer dwelling units.
Where real property is income-producing property,
the owner shall be required to submit annually to the Town Assessor,
not later than the first day of May 1998 for those statements due
in 1998 and not later than the first day of February on all succeeding
years, a statement of all income derived from and all expenses attributed
to the operation of such property as follows:
A. Where the owner's books and records reflecting the
operation of the property are maintained on a calendar year basis,
the statement shall be for the calendar year preceding the date the
statement shall be filed.
B. Where the owner's books and records reflecting the
operation of the property are maintained on a fiscal year basis for
federal income tax purposes, the statement shall be for the last fiscal
year concluded as of the first day of January preceding the date the
statement shall be filed.
C. Notwithstanding the provisions of Subsections
A and
B of this section, where the owner of the property has not operated the property and is without knowledge of the income and expenses of the operation of the property for a consecutive twelve-month period concluded as of the first day of January preceding the date the statement shall be filed, then the statement shall be for the period of ownership.
D. The Town Assessor may for good cause shown extend
the time for filing an income and expense statement by a period not
to exceed 30 days.
Such statements shall contain the following
declaration: "I certify that all information contained in this statement
is true and correct to the best of my knowledge and belief. I understand
that the willful making of any false statement of material fact herein
will subject me to the provisions of law relevant to the making and
filing false instruments and will render this statement null and void."
The form on which such statement shall be submitted
shall be prepared by the Town Assessor and copies of such form shall
be made available at said Assessor's office in the Town of Catskill.